SOXS vs. SPXL
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion - SOXS tracks the PHLX Semiconductor Index (-300%) while SPXL tracks the S&P 500. Both are passively managed. Over the past 10 years, SOXS returned -78.81%/yr vs 30.47%/yr for SPXL. At a correlation of -0.77, they often move in opposite directions. SOXS charges 1.08%/yr vs 0.84%/yr for SPXL.
Performance
SOXS vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, SOXS achieves a -91.68% return, which is significantly lower than SPXL's 30.87% return. Over the past 10 years, SOXS has underperformed SPXL with an annualized return of -78.81%, while SPXL has yielded a comparatively higher 30.47% annualized return.
SOXS
- 1D
- -17.41%
- 1M
- -60.17%
- YTD
- -91.68%
- 6M
- -91.80%
- 1Y
- -97.83%
- 3Y*
- -86.41%
- 5Y*
- -79.75%
- 10Y*
- -78.81%
SPXL
- 1D
- 0.41%
- 1M
- 15.92%
- YTD
- 30.87%
- 6M
- 30.90%
- 1Y
- 88.59%
- 3Y*
- 53.90%
- 5Y*
- 24.69%
- 10Y*
- 30.47%
SOXS vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.68% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 30.87% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
Correlation
The correlation between SOXS and SPXL is -0.72, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.77 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010 | -0.77 |
The correlation between SOXS and SPXL has been stable across timeframes, ranging from -0.79 to -0.72 - a consistent structural relationship.
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Return for Risk
SOXS vs. SPXL — Risk / Return Rank
SOXS
SPXL
SOXS vs. SPXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| SOXS | SPXL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.96 | 2.52 | -3.48 |
Sortino ratioReturn per unit of downside risk | -3.97 | 2.95 | -6.92 |
Omega ratioGain probability vs. loss probability | 0.58 | 1.39 | -0.81 |
Calmar ratioReturn relative to maximum drawdown | -1.00 | 3.43 | -4.43 |
Martin ratioReturn relative to average drawdown | -1.39 | 14.51 | -15.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SOXS | SPXL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.96 | 2.52 | -3.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.74 | 0.49 | -1.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | 0.57 | -1.36 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | 0.53 | -1.32 |
Drawdowns
SOXS vs. SPXL - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for SOXS and SPXL.
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Drawdown Indicators
| SOXS | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -76.86% | -23.14% |
Max Drawdown (1Y)Largest decline over 1 year | -97.64% | -26.77% | -70.87% |
Max Drawdown (3Y)Largest decline over 3 years | -99.79% | -48.95% | -50.84% |
Max Drawdown (5Y)Largest decline over 5 years | -99.97% | -63.80% | -36.17% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -76.86% | -23.14% |
Current DrawdownCurrent decline from peak | -100.00% | 0.00% | -100.00% |
Average DrawdownAverage peak-to-trough decline | -92.60% | -15.73% | -76.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 70.48% | 6.32% | +64.16% |
Volatility
SOXS vs. SPXL - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 44.74% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 8.21%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 44.74% | 8.21% | +36.53% |
Volatility (6M)Calculated over the trailing 6-month period | 83.91% | 26.62% | +57.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 102.16% | 35.34% | +66.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 108.22% | 50.23% | +57.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 100.49% | 53.42% | +47.07% |
SOXS vs. SPXL - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
SOXS vs. SPXL - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 64.90%, more than SPXL's 0.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 64.90% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% | 0.00% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.51% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
SOXS and SPXL have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (44.74%) compared to SPXL (8.21%). In terms of maximum drawdown, SOXS dropped -100.00% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 30.47% vs -78.81% for SOXS. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 8.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXL has performed better with a 30.47% return vs -78.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 64.90%, compared with 0.51% for SPXL.
SOXS tracks PHLX Semiconductor Index (-300%), while SPXL tracks S&P 500. Their fees differ too: 1.08% for SOXS and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (2.52 vs -0.96), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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